Core Insights - Calamos Investments has launched three new Protected Bitcoin ETFs, each designed to offer varying levels of bitcoin return exposure and downside protection [1][6] Fund Summaries - The Calamos Bitcoin Structured Alt Protection ETF – October (CBOO) provides the highest level of downside protection, ensuring 100% principal protection over a one-year outcome period, with an initial cap rate of 8.47% before fees [2][6] - The Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO) targets higher returns with an initial cap rate of 41.62% after fees, but it limits losses to a maximum of -20% over the outcome period [3][4] - The Calamos Bitcoin 90 Series Structured Alt Protection ETF – October (CBXO) offers a balanced approach, limiting losses to -10% while providing an initial cap rate of 23.43% before fees [5][6] Investment Strategy - Each of the new funds presents unique advantages for investors, particularly in the context of increasing interest in bitcoin and the importance of downside protection [6]

Group 1 - Fortress Investment Group announced the death of its co-chief executive at the age of 51, with no cause of death provided [1] - Vanguard is promoting actively managed bond funds, with 44 out of 48 of its active bond funds outperforming their peer group averages over a 10-year period [2] - The SEC has directed ETF share class applicants to align their filings with Dimensional's updated version, affecting nearly 80 fund firms since Vanguard's patent expired in 2023 [3] Group 2 - The complexity of human behavior in tax-efficient investing is highlighted, emphasizing the role of advisors as behavioral coaches rather than just financial experts [4] - Prosecutors are countering demands for specific examples in the fraud case against Western Asset Management's former co-chief investment officer, asserting that the defense misrepresents the government's strategy [5] - Fund managers may restrict or suspend withdrawals when new money stops coming in, which can erode investor trust and signal serious trouble for the fund [6] Group 3 - Downside protection ETFs serve a niche purpose but are not a true substitute for equity exposure, with their complexity masking modest benefits compared to traditional fixed income strategies [7] - The rapid issuance of ETFs raises concerns, as many new ETFs have low assets under management (AUM), with an average AUM of about $230 million but a median of only $25 million [8] - BlackRock's co-head of Private Equity Partners suggests that semi-liquid fund structures can facilitate the adoption of model portfolios by linking private market exposures more easily [9] Group 4 - Nuveen aims to raise $3 billion for a private farmland REIT, citing new farming technology, expected growth in global food demand, and scarcity of undeveloped farmland as factors that will boost land values [10] - CAIS has expanded its advisor menu to include 17 private markets firms, bringing the total number of participating firms to roughly 70, offering over 150 funds [11]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]